Here is a compilation of research-based statistics on the trending topic of the “customer experience”. we’ve been writing about this important topic for about a year, and there are a lot of companies that provide technology tools to help businesses discover the process their customers go through, how they are perceived by their customers, and pinpoint areas of the customer experience that can be improved.
The Age of the Customer Experience (from the company perspective):
- Employees who are knowledgeable and engaged deliver a better customer service experience – which is reflected in the fact that these employees also close 33% more sales. (Bluewolf)
- Customer satisfaction is considered the most important call center metric by more than 60% of customer service managers. In addition, managers also track first call resolution, average handle time, and wait time in order to determine how successful their customer contact center is. (2012 Ovum Logmein Customer Experience Report)
- Small improvements in customer service can have enormous financial ramifications. For the average customer contact center, a 1% improvement in first call resolution would result in a $276,000 reduction in annual operational costs. (Bluewolf)
- Only 26% of companies have a well-developed strategy in place for improving the customer experience. (Econsultancy MultiChannel Customer Experience Report)
- Even in a negative economy, customer experience is a high priority for consumers. 60% say they often or always pay more for a better experience. (Harris Interactive, Customer Experience Impact Report)
- It is 6-7 times more costly to attract a new customer than it is to retain an existing customer. (White House Office of Consumer Affairs)
- It takes 12 positive customer experiences to make up for one negative experience. (Parature)
- 81% of companies motivate employees to treat customers fairly, and 65% provide effective tools and training to gain trust with their customers. (Peppers and Rogers Group)
- 70% of buying experiences are based on how the customer feels they are being treated. (McKinsey)
- A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)
- According to Bain & Company, a 5% increase in customer retention can increase profits by 25% to 95%.
How to Improve the Experience for Your Customers:
To improve the customer experience, you must first be aware of the current state of their experience. One key piece of technology that can help businesses discover what is happening during their interactions with customers if Voice of Customer (VoC) technology like speech analytics.
Using speech analytics to extract business insights that are contained in voice conversations with customers is quite simple and affordable to implement, and provides a wealth of valuable information that can be used to increase productivity, efficiency, and reduce costs.
Read our white papers on customer experience and call center solutions, and take a tour of a speech analytics platform to learn more about the business outcomes that can take shape when these solutions are running in internal or external contact and call centers.